Paga gets USD2m grant
VALUE ADDED SERVICESBy BiztechAfrica - March 13, 2012, 10:57 a.m.
Nigerian financial services platform Paga has received a USD2 million grant to develop low cost financial products.
Paga, launched in 2009, enables users to transfer money via their mobile phones, internet devices, several banks, credit cards or a network of agents.
It has been awarded a USD2 million grant from EFInA, an independent, professional and non-profit organization funded by the Bill & Melinda Gates Foundation and the United Kingdom Department for International Development (DFID).
According to Modupe Ladipo, Executive Director and Managing Director for EFInA: “With over 59 million unbanked adults, finding new ways of reaching out to this market and bring low cost financial services is a major challenge we aim to address. By bringing low cost services to every neighbourhood, we believe we can help bring a large number of Nigerians out of poverty and improve living standards.
We have chosen Paga for this grant because of the robustness of their plans and strength of their team. We are confident that by working together we can achieve our mutual goal of universal access to financial services for Nigerians.”
Tayo Oviosu, CEO and Founder of Paga further states "Our team is very honoured to receive this grant from EFInA. As is core to our multi-stakeholder approach at Paga, we will be working with partners such as Diamond Bank, LAPO − Nigeria's largest Micro Finance Institution, ADIC and GT Assur to develop and deliver low cost financial services to all Nigerians at our agents.
The EFInA grant will fund our work in this area and the much needed public education required for success. Our goal is to bring financial services to over 40 million Nigerians by 2015 − with this grant our objectives will be even more achievable."
MORE VALUE ADDED SERVICES NEWS
MTN partners Salt & Einstein MTS, NHIS on insuranceMTN Nigeria says it has partnered Salt & Einstein MTS and the National Health Insurance Scheme (NIHS) to help push health insurance to many people in the country leveraging on its wider reach. Read More
Free Twitter on EconetEconet Wireless is now offering free access to Twitter to all subscribers on Econet Broadband. Read More
Gemalto, GSMA drive African mHealth initiativeGemalto has announced its partnership with (global System for Mobile Communication Association (GSMA1) to drive the pan-African mHealth Initiative (PAMI). Read More
Has Africa slowed in global mobile payments innovation?wiGroup says Africa has lost ground to the US and China in the mobile payments innovation race. Read More
New mobile payment system goes live in SAMobile payment system Zapper has launched its innovative and secure payment app for smartphones in South Africa. Read More
Mobile banking numbers to pass online banking by 2019New findings from Juniper Research finds that over 1.75 billion mobile phone users will have used their devices for banking purposes by the end of 2019, compared to 800 million this year. Read More
Remita’s e-transactions hit N500bnNigerian electronic payment platform Remita says it is driving cashless initiatives, and currently processes electronic transactions valued at N500billion monthly. Read More
Nigeria’s cashless campaign goes nationwideIn spite of obvious hiccups, the cashless initiative of the Central Bank of Nigeria (CBN) goes live in the 36 states of the federation and Abuja, the Federal Capital Territory (FCT) today. Read More
More than 2.5m Rwandans now using mobile paymentsThe number of mobile payments subscribers in Rwanda has reached more than 2.5 million, according to figures in the recently-published Rwandan ICT Sector Profile. Read More
FEATURED STORYWidening ICT skills gap: Cause for concern
Nigeria's FDI gains could be eroded by the widening gap in indigenous skilled ICT manpower, writes Kokumo Goodie.
BEST READ NEWS
IN DEPTHKenya rolls out e-extension to improve agriculture
In a bid to curb the overwhelmed number of agricultural extension officers in Kenya, the ministry of agriculture is embracing technology with their introduction of E-Extension services, which are aimed at reaching out to over 7 million farmers annually.
COMPANY NEWSHow the cloud can power entrepreneurship and urbanisation in Africa
Cloud computing is not only fundamentally changing the way business operates, it is also driving a new wave of job creation opportunities, says SAP Africa.